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Deregulation has failed in lowering prices
PTT and the other two companies in the consortium made an oil and gas discovery with an exploration well drilled in two of Algeria's onshore blocks.
The MOM-3 exploration well in Algeria's onshore 433a block was drilled to a depth of 3,872 meters. Testing encountered two zones of oil-bearing formation, the Oil and Gas Journal reported.
The blocks that were tested are close to another large oil field, Hassi Messaoud, which produces about 400,000 barrels per day, Oil and Gas Journal said.
The flow rate tests at the new sites indicated an average oil flow rate of 800 barrels per day and a natural gas flow rate of about 1 million standard cubic feet a day, the company said.
PetroVietnam E&P Corp. owns a 40 percent share in the blocks, PTTEP 35 percent, and Sonatrach 25 percent.